KWESST Announces Results of Special Shareholder Meeting
KWESST Micro Systems (NASDAQ: KWE) announced the results of its special shareholder meeting held virtually on March 31, 2025. Shareholders approved a resolution authorizing the board to implement a share consolidation of up to 25:1 ratio.
The consolidation initiative aims to help KWESST regain compliance with Nasdaq's minimum bid price requirement under Listing Rule 5550(a)(2). The board will determine the final consolidation ratio and timing, pending regulatory approval.
KWESST Micro Systems (NASDAQ: KWE) ha annunciato i risultati della sua assemblea speciale degli azionisti tenutasi virtualmente il 31 marzo 2025. Gli azionisti hanno approvato una risoluzione che autorizza il consiglio a implementare una consolidazione delle azioni fino a un rapporto di 25:1.
L'iniziativa di consolidamento mira ad aiutare KWESST a riconquistare la conformità con il requisito del prezzo minimo di offerta di Nasdaq secondo la Regola di Quotazione 5550(a)(2). Il consiglio determinerà il rapporto finale di consolidamento e i tempi, in attesa dell'approvazione normativa.
KWESST Micro Systems (NASDAQ: KWE) anunció los resultados de su reunión especial de accionistas celebrada virtualmente el 31 de marzo de 2025. Los accionistas aprobaron una resolución que autoriza a la junta a implementar una consolidación de acciones de hasta un ratio de 25:1.
La iniciativa de consolidación tiene como objetivo ayudar a KWESST a recuperar el cumplimiento con el requisito de precio mínimo de oferta de Nasdaq bajo la Regla de Cotización 5550(a)(2). La junta determinará el ratio final de consolidación y el momento, sujeto a la aprobación regulatoria.
KWESST 마이크로 시스템즈 (NASDAQ: KWE)는 2025년 3월 31일에 가상으로 개최된 특별 주주 총회의 결과를 발표했습니다. 주주들은 이사회가 최대 25:1 비율의 주식 통합을 시행할 수 있도록 하는 결의안을 승인했습니다.
이 통합 이니셔티브는 KWESST가 나스닥의 최소 입찰 가격 요구 사항을 준수하도록 돕는 것을 목표로 합니다. 이사회는 규제 승인을 기다리면서 최종 통합 비율과 시기를 결정할 것입니다.
KWESST Micro Systems (NASDAQ: KWE) a annoncé les résultats de sa réunion spéciale d'actionnaires tenue virtuellement le 31 mars 2025. Les actionnaires ont approuvé une résolution autorisant le conseil à mettre en œuvre une consolidation des actions jusqu'à un ratio de 25:1.
L'initiative de consolidation vise à aider KWESST à retrouver la conformité avec l'exigence de prix d'offre minimum de Nasdaq selon la Règle de Cotation 5550(a)(2). Le conseil déterminera le ratio final de consolidation et le calendrier, sous réserve de l'approbation réglementaire.
KWESST Micro Systems (NASDAQ: KWE) gab die Ergebnisse seiner virtuellen außerordentlichen Hauptversammlung bekannt, die am 31. März 2025 stattfand. Die Aktionäre genehmigten einen Beschluss, der den Vorstand ermächtigt, eine Aktienkonsolidierung von bis zu einem Verhältnis von 25:1 durchzuführen.
Die Konsolidierungsinitiative zielt darauf ab, KWESST dabei zu helfen, die Anforderungen an den Mindestgebotskurs von Nasdaq gemäß der Listungsregel 5550(a)(2) wieder zu erfüllen. Der Vorstand wird das endgültige Konsolidierungsverhältnis und den Zeitpunkt festlegen, vorbehaltlich der regulatorischen Genehmigung.
- Shareholders approved the consolidation resolution, giving management flexibility to maintain Nasdaq listing
- Maximum 25:1 consolidation ratio provides significant room to adjust share price above minimum requirements
- Company faces potential delisting risk due to non-compliance with Nasdaq minimum bid price requirements
- Share consolidation will reduce the total number of outstanding shares, potentially affecting liquidity
Ottawa, Ontario--(Newsfile Corp. - April 1, 2025) - KWESST Micro Systems Inc. (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) (TSXV: KWE.WT.U) ("KWESST" or the "Company") today announced the results of its special meeting of shareholders (the "Meeting") held virtually via a Zoom video conference on March 31, 2025 at 4:00 PM (Eastern time). The Meeting was called as part of the Company's efforts to regain compliance with the minimum bid price requirement set forth under Nasdaq Listing Rule 5550(a)(2).
At the Meeting, the shareholders of the Company were asked to approve a resolution (the "Consolidation Resolution"), authorizing, if deemed advisable by the board of directors, the consolidation of the issued and outstanding common shares of the Company on the basis of one share for a maximum of every twenty-five (25) Common Shares issued and outstanding (the "Consolidation"). The Consolidation Resolution was approved by a majority of the votes cast by the holders of common shares of the Company, either present in person or represented by proxy.
As a result of this approval, the board of directors of the Company will now consider the proper timing to implement the Consolidation, and expects to announce shortly the final share ratio of the Consolidation.
The Company believes that the Consolidation is in the best interests of shareholders as it will allow the Company to ensure continued compliance with the Nasdaq's Minimum Bid Price Requirements. The implementation of the Consolidation remains subject to regulatory approval.
About KWESST
KWESST (NASDAQ: KWE) (NASDAQ: KWESW) (TSXV: KWE) develops and commercializes breakthrough next-generation tactical systems for military and security forces. The company's current portfolio of offerings includes digitization of tactical forces for real-time shared situational awareness and targeting information from any source (including drones) streamed directly to users' smart devices and weapons. Other KWESST products include countermeasures against threats such as electronic detection, lasers and drones. These systems can operate stand-alone or integrate seamlessly with OEM products and battlefield management systems, and all come integrated with TAK. The company also has a new proprietary non-lethal product line branded PARA OPSTM with application across all segments of the non-lethal market, including law enforcement. The Company is headquartered in Ottawa, Canada with representative offices in London, UK and Abu Dhabi, UAE.
For more information, please visit https://kwesst.com/
Contact:
David Luxton, Chairman: luxton@kwesst.com
Sean Homuth, President and CEO: homuth@kwesst.com
Jason Frame, Investor Relations: frame@kwesst.com 587.225.2599
Neither the TSX Venture Exchange nor its respective Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of Canadian and United States securities laws (collectively, "forward-looking statements"), which may be identified by the use of words such as "plans", "intends", "believes", "proposed", or variations (including negative and grammatical variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", or "will" be taken, occur or be achieved. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include: the anticipated positive effects of shareholder approval to the Consolidation Resolution and the ability of KWESST to maintain compliance with regulatory requirements following the Consolidation, notably the Mininum Bid Price Requirement; risks and uncertainties detailed from time to time in KWESST's filings with the Canadian Security Administrators and the United States Securities and Exchange Commission, and many other factors beyond the control of KWESST. Although KWESST has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. No forward-looking statement can be guaranteed. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and KWESST undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/246871
FAQ
What was the purpose of KWESST's (KWE) special shareholder meeting on March 31, 2025?
What is the maximum share consolidation ratio approved for KWESST (KWE)?
When will KWESST (KWE) implement the share consolidation?
What regulatory requirement is KWESST (KWE) trying to meet with this consolidation?
